The global shared services market to grow at a CAGR of 16.55% during the period 2017-2021

Global Shared Services Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

One trend in the market is advent of customized SSCs. Enterprises implement shared services to manage their functional departments such as finance, HR, marketing, and CRM. Enterprises setting up SSCs to manage their FSSC and HRSSC are gaining popularity in the market. Customized SSCs are designed to manage specific functions of different business units within a large organization.

According to the report, one driver in the market is cost reduction and increasing business efficiency. Cost reduction is one of the main factors responsible for the implementation of SSCs in organizations. However, many organizations want to improve their business performance, the speed of service delivery, and quality by implementing the shared services model. The shared services model helps in saving costs as it connects different units of enterprises via a centralized SSC that helps to reduce errors and redundancy in information.

Further, the report states that one challenge in the market is effective design and implementation of SSCs. The designing and implementation of SSCs require technical expertise and domain experts to assess the requirements of the clients. SSCs should be carefully designed to fulfill business requirements specific to the clients. The implementation of SSCs requires CAPEX and IT systems to design the infrastructure. Shared services can be seamlessly delivered to clients with the help of adequate and advanced IT infrastructure. SSCs manages a lot of complex transactional processes that require IT systems, which can reduce the complexities, error rates, as well as backup and recovery solutions.